Pix Transmissions Ltd. — Capital/Financing Update 2026

Mar 5, 2026

==> picture [449 x 87] intentionally omitted <==

Date: 05/03/2026

To, The Corporate Relationship Department The Manager BSE Ltd, P J Towers, Dalal Street, National Stock Exchange of India Ltd Mumbai- 400001 Exchange Plaza, 5[th] Floor, Plot No.C/1, G-Block, Bandra Kurla Complex, Bandra (E), Mumbai-400 051

Scrip code : 500333

NSE SYMBOL : PIXTRANS

Subject: Intimation of Credit Ratings

Pursuant to Regulation 30 of SEBI Listing Regulations, 2015, please find below our credit ratings Re-affirmed by CARE Ratings Ltd ., as under:

Facilities /Instruments	Credit Rating	Rating Action
Long term bank facilities	CARE A+ (A Plus)	Re-affirmed
Short term bank facilities	CARE A1+ (A One Plus)

Copy of press release is enclosed with this intimation.

FOR PIX TRANSMISSIONS LTD.

Shybu Digitally signed by Shybu Varghese Date: 2026.03.05 Varghese 11:56:27 +05'30' Shybu Varghese Company Secretary

Encl: As Above

==> picture [469 x 59] intentionally omitted <==

Press Release

PIX Transmissions Limited

March 04, 2026

Facilities/Instruments	Amount(₹ crore)	Rating1	Rating Action
Long-term bank facilities	7.27 (Reduced from 19.92)	CARE A+; Stable	Reaffirmed
Long-term / Short-term bank facilities	80.00	CARE A+;Stable / CARE A1+	Reaffirmed
Short-term bank facilities	26.50	CARE A1+	Reaffirmed

Details of instruments/facilities in Annexure-1.

Rationale and key rating drivers

Reaffirmation in ratings assigned to bank facilities of PIX Transmissions Limited (PTL) considers healthy profitability margins, comfortable capital structure, debt coverage indicators and strong liquidity position marked by healthy cash and liquid investments resulting in negative net debt position.

Ratings also factor in expectations of sustained performance in the coming years driven by the company’s significant market share in rubber transmission belts, geographically diversified revenue with diversified customer base, established track record of operations and long-standing experience of promoters. Ratings also factor in slight moderation expected in the revenue and profitability in FY26 owing to global headwinds led to reduction in the exports.

However, ratings continue to remain constrained by PTL’s working capital intensive operations, moderate scale of operations despite growth registered in the past, overall business being vulnerable to cyclicality with imposition of trade tariffs moderating the growth momentum in the near term. Exposure to foreign exchange fluctuation risk also constrain the rating.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

• Significant increase in scale of operations while sustaining profit before interest, lease rentals, depreciation, and taxation (PBILDT) margin above 25% on a sustained basis.

Negative factors

• Decline in scale of operations below ₹400 crore and/or moderation in PBILDT margin below 18% on a sustained basis.

• Debt funded acquisition leading to deterioration in the capital structure with net debt to PBILDT above 1.00x.

• • Substantial deterioration in the operating cycle, impacting liquidity position of the company

Analytical approach: Consolidated

CareEdge Ratings has taken a consolidated view of PTL and its subsidiaries PIX Middle East FZC and PIX Transmission (Europe) Limited and their step-down subsidiaries namely PIX Middle East Trading LLC and PIX Germany GmbH respectively. The consolidated view considers PTL’s control over management and operations of subsidiaries with strong operational and financial synergies among them. These subsidiaries are marketing arms and are strategically important to PTL catering to the global market. Subsidiaries consolidated are listed under Annexure-6.

Outlook: Stable

The stable outlook reflects CARE Ratings Limited’s (CareEdge Ratings) expectations that PTL will continue to maintain a comfortable financial risk profile backed by its long track record, diversified geographical presence and experienced promoters.

Detailed description of key rating drivers:

Key strengths

Experienced promoters and established market position in the industrial market segment of transmission belts PTL is promoted by Amarpal S Sethi (Chairman and Managing Director), who has experience of over five decades in the mechanical power transmission belts and hoses industry. Second-generation promoters have also joined the business, ensuring business continuity and smooth succession. Promoters have contributed to creating an established market position in the industry. PTL has a wide product portfolio and exports products to over 100 countries. PTL’s strong market position is further characterised by

1Complete definition of ratings assigned are available at www.careratings.com and other CARE Ratings Limited’s publications.

CARE Ratings Ltd.

1

Press Release

limited number of major players globally, its ability to pass on increase in input prices and entry barriers to the industry such as high capital investment, technology and requirement of skilled labour. Promoters are well-supported by a professional second line of management.

Healthy profitability margins

PTL has demonstrated steady and healthy profit margins with PBILDT margin remaining consistent over 25% for five years ended FY25, translating into healthy return on capital employed of over 20% per annum. Consistent PBILDT margin demonstrates PTL’s long-standing manufacturing experience and ability to pass on increase in prices of input costs, while maintaining relations with its distributors. Healthy profitability enabled the company generate gross cash accruals (GCA) of ₹80-100 crore per annum in the last few years, which support its overall cash flows and financial risk profile. PBILDT margin improved to 28.72% in FY25 against 25.51% in FY24 due to increase in the total operating income (TOI), which led to better absorption of fixed cost. Consequently, profit after tax (PAT) margin also improved to 18.89% in FY25 from 16.59% in FY24. However, considering global headwinds in the recent past, TOI expected to slightly reduce, expecting slight moderation in profit margins in the near term. PBILDT margin remained at 26.32% in 9MFY26.

Geographically diversified revenue and diversified customer base

PTL derives a significant portion of its revenue from the export market. Major export countries include the USA, Europe and Asia with no country contributing over 35% of the total exports. PTL has also setup subsidiaries in the UAE, the UK and Germany, which are PTL’s marketing arm for the export market. Revenue in domestic market is also derived across India, considering its strong distribution network. The company’s customer base remains diversified with top 10 customers contributing ~33% of the total revenue. Diversified revenue mix is expected to aid the company in mitigating risks arising from localised demand slowdowns.

Comfortable capital structure and debt coverage indicators

The company’s capital structure remains comfortable marked by overall gearing at 0.06x as on March 31, 2025, compared to 0.09x as on March 31, 2024. Slight improvement was due to proportionately higher increase in tangible net worth and decrease in total debt in FY25. The total debt of the company comprised term loan and unsecured loans from promoters with no utilisation of working capital borrowings in the past.

Debt coverage indicators remain comfortable and slightly improved as marked by interest coverage ratio of 38.50x in FY25 compared to 23.17x in FY24. Interest coverage further improved to 52.08x in 9MFY26. Total debt to PBILDT improved to 0.21x in FY25 compared to 0.35x in FY24. Net debt to PBILDT remains negative, owing to sufficient liquid investments held by the company in liquid mutual funds and quoted equities. Capital structure and debt coverage indicators are expected to remain comfortable in the medium-term considering absence of major debt funded capex planned by the company.

Key weaknesses

Moderate but increasing scale of operations

PTL’s scale of operations has grown steadily and remains moderate, with TOI, registering a compound annual growth rate (CAGR) of ~10% for three years ended FY25. TOI increased ~19% from ₹500.14 crore in FY24 to ₹597.63 crore in FY25 owing to higher realisation from export market. In 9MFY26, the company achieved TOI of ₹411.54 crore (₹427.52 crore in 9MFY25). Slight decrease in TOI is largely due to lower income from the export market amid recent geo-political uncertainty. Tangible net worth as on March 31, 2025, increased to ₹593.68 crore from ₹487.64 crore as on March 31, 2024, considering healthy accretion of profits to reserve. Revenue is expected to remain moderate in the near term considering slight reduction in export market sales.

Working capital intensive operations

The working capital cycle remains elongated with marginal improvement in FY25 at 143 days (PY:155 days). Long working capital cycle is due to high debtors and inventory period at 72 days (PY:79 days) and 96 days (PY:103), respectively. Inventory days tend to be on the higher side as PTL has a wide product portfolio catering to different applications. Risk of high inventory days is mitigated to some extent as its inventory has shelf life of over seven years. Working capital requirements are funded using internal accruals and utilisation of fund-based facility has been nil for 12 months ended December 2025.

Exposure to cyclicality, raw material price volatility, foreign exchange rates and global tariffs

PTL is vulnerable to cyclical downturns. This impacts PTL’s performance, though the company taken steps to enhance export and diversify its revenue streams. Business performance can also be affected by imposition of tariffs by importing countries. Profitability may be moderately affected by foreign exchange fluctuations. As PTL is a net exporter, it has a partial natural hedge. Balance remains unhedged owing to current strengthening of the US dollar.

CARE Ratings Ltd.

2

Press Release

Liquidity : Strong

The liquidity position remains strong characterised by sufficiently cushioned expected GCA against repayment obligations of ~₹12 crore in the near term and lower capital commitments towards maintenance capex. PTL has unencumbered cash balance of ₹66.43 crore and liquid investments in quoted equity shares and mutual funds of ₹127.84 crore as on March 31, 2025, which increased significantly in the last year. The cash & liquid investments further increased considerably to ₹238.43 crore as on September 30, 2025. Utilization of fund-based working capital borrowing remained nil for 12 months ended December 2025. Average utilisation of non-fund-based limits remained ~40% in the same period. Cash flow from operating activities stood positive at ₹93.95 crore in FY25. Current ratio and quick ratio remained comfortable at 6.56x and 4.81x respectively as on March 31, 2025, against 4.91x and 3.52x respectively as on March 31, 2024.

Assumptions/Covenants: Not applicable

Environment, social, and governance (ESG) risks: Not applicable

Applicable criteria

Definition of Default

Liquidity Analysis of Non-financial sector entities Rating Outlook and Rating Watch Manufacturing Companies Financial Ratios – Non financial Sector Short Term Instruments Consolidation & Combined Approach

About the company and industry

Industry classification

Macroeconomic indicator	Sector	Industry	Basic industry
Industrials	Capital goods	Industrial products	Rubber

Incorporated in 1981, PTL is engaged in manufacturing mechanical power transmission products including rubber V-belts, cutedge belts, ribbed belts, synchronous belts, and timing belts, among others, which find application in several end-user segments including industry, agriculture, horticulture, special application belts, taper pulleys, bush and couplings, and the automobiles. PTL has a well-diversified product range with an extensive range of tooling to cover a broad spectrum of belt construction types and sizes. It operates two manufacturing units at Hingna, Nagpur, an automated rubber mixing facility at Nagalwadi and a centralised logistics hub in Nagpur. PTL’s products are sold in domestic and export market through its network of distributors and channel partners spread across 100 countries.

Brief Financials (Consolidated)	Brief Financials (Consolidated)		(₹ crore)
Brief Financials (₹ crore)	March 31,2024(A)	March 31,2025(A)	December 31,2025(UA)
Totaloperatingincome	500.14	597.63	411.54
PBILDT	127.56	171.64	108.33
Profit aftertax(PAT)	82.99	112.88	86.67
Overallgearing (x)	0.09	0.06	NA
Interest coverage (x)	23.17	38.50	52.08

A: Audited UA: Unaudited NA: Not available; Note: these are latest available financial results

Brief Financials (Standalone)	Brief Financials (Standalone)		(₹ crore)
Brief Financials (₹ crore)	March 31,2024(A)	March 31,2025(A)	December 31,2025(UA)
Totaloperatingincome	461.68	560.30	375.04
PBILDT	120.50	160.06	93.34
Profit aftertax(PAT)	79.21	105.37	75.09
Overallgearing (x)	0.10	0.06	NA
Interest coverage (x)	22.28	36.84	45.09

A: Audited UA: Unaudited NA: Not available; Note: these are latest available financial results Status of non-cooperation with previous CRA: Not applicable

Any other information: Not applicable

CARE Ratings Ltd.

3

Press Release

Rating history for last three years: Annexure-2

Detailed explanation of covenants of rated instrument / facility: Annexure-3

Complexity level of instruments rated : Annexure-4

Lender details : Annexure-5

Annexure-1: Details of instruments/facilities

Name of the Instrument	ISIN	Date of Issuance (DD-MM- YYYY)	Coupon Rate (%)	Maturity Date (DD- MM-YYYY)	Size of the Issue (₹ crore)	Rating Assigned and Rating Outlook
Fund-based - LT-Term Loan		-	-	January 2027	7.27	CARE A+; Stable
Fund-based - LT/ ST- CC/PC/Bill Discounting		-	-	-	55.00	CARE A+; Stable / CARE A1+
Fund-based - LT/ ST- CC/PC/Bill Discounting		-	-	-	25.00	CARE A+; Stable / CARE A1+
Non-fund-based - ST- BG/LC		-	-	-	26.50	CARE A1+

Annexure-2: Rating history for last three years

Sr. No.	Name of the Instrument /Bank Facilities		Current Ratings	Current Ratings		**Rating **	History
		Type	Amount Outstanding (₹ crore)	Rating	Date(s) and Rating(s) assigned in 2025- 2026	Date(s) and Rating(s) assigned in 2024-2025	Date(s) and Rating(s) assigned in 2023-2024	Date(s) and Rating(s) assigned in 2022-2023
1	Fund-based - LT-Term Loan	LT	7.27	CARE A+; Stable	-	1)CARE A+; Stable (18-Mar-25)	1)CARE A; Stable (31-Jan-24)	1)CARE A; Stable (05-Jan-23)
2	Fund-based - LT/ ST- CC/PC/Bill Discounting	LT/ST	55.00	CARE A+; Stable / CARE A1+	-	1)CARE A+; Stable / CARE A1+ (18-Mar-25)	1)CARE A; Stable / CARE A1 (31-Jan-24)	1)CARE A; Stable / CARE A1 (05-Jan-23)
3	Fund-based - LT/ ST- CC/PC/Bill Discounting	LT/ST	25.00	CARE A+; Stable / CARE A1+	-	1)CARE A+; Stable / CARE A1+ (18-Mar-25)	1)CARE A; Stable / CARE A1 (31-Jan-24)	1)CARE A; Stable / CARE A1 (05-Jan-23)
4	Non-fund-based - ST-BG/LC	ST	26.50	CARE A1+	-	1)CARE A1+ (18-Mar-25)	1)CARE A1 (31-Jan-24)	1)CARE A1 (05-Jan-23)

LT: Long term; ST: Short term; LT/ST: Long term/Short term

Annexure-3: Detailed explanation of covenants of rated instruments/facilities: Not applicable

Annexure-4: Complexity level of instruments rated

Sr. No.	Name of the Instrument	Complexity Level
1	Fund-based - LT-Term Loan	Simple
2	Fund-based - LT/ ST-CC/PC/Bill Discounting	Simple
3	Non-fund-based - ST-BG/LC	Simple

Annexure-5: Lender details

To view lender-wise details of bank facilities please click here

CARE Ratings Ltd.

4

Press Release

Annexure-6: List of entities consolidated

Sr No	Name of the entity	Extent of consolidation	Rationale for consolidation
1	PIX Middle East FZC	Full	Wholly owned subsidiary
2	PIX Transmissions (Europe) Limited	Full	Wholly owned subsidiary
3	PIX Middle East Trading LLC	Full	Wholly owned subsidiary
4	PIX Germany GmBH	Full	Wholly owned subsidiary

Note on complexity levels of rated instruments: CareEdge Ratings has classified instruments rated by it based on complexity. Investors/market intermediaries/regulators or others are welcome to write to care@careedge.in for clarifications.

CARE Ratings Ltd.

5

Press Release

Contact us

Media Contact Analytical Contacts Mradul Mishra Akhil Goyal Director Director CARE Ratings Limited CARE Ratings Limited Phone: +91-22-6754 3596 Phone: 022-67543590 E-mail: mradul.mishra@careedge.in E-mail: akhil.goyal@careedge.in Relationship Contact Ashish Kambli Associate Director Ankur Sachdeva CARE Ratings Limited Senior Director Phone: 022-67543590 CARE Ratings Limited E-mail: Ashish.k@careedge.in Phone: 912267543444 E-mail: Ankur.sachdeva@careedge.in Saurabh Darak Analyst CARE Ratings Limited E-mail: Saurabh.darak@careedge.in

About us:

Established in 1993, CareEdge Ratings is one of the leading credit rating agencies in India. Registered under the Securities and Exchange Board of India, it has been acknowledged as an External Credit Assessment Institution by the Reserve Bank of India. With an equitable position in the Indian capital market, CareEdge Ratings provides a wide array of credit rating services that help corporates raise capital and enable investors to make informed decisions. With an established track record of rating companies over almost three decades, CareEdge Ratings follows a robust and transparent rating process that leverages its domain and analytical expertise, backed by the methodologies congruent with the international best practices. CareEdge Ratings has played a pivotal role in developing bank debt and capital market instruments, including commercial papers, corporate bonds and debentures, and structured credit. For more information: www.careratings.com

Disclaimer:

This disclaimer pertains to the ratings issued and content published by CARE Ratings Limited (“CareEdge Ratings”). Ratings are opinions on the likelihood of timely payment of the obligations under the rated instrument and are not recommendations to sanction, renew, disburse, or recall the concerned bank facilities or to buy, sell, or hold any security. Any opinions expressed herein are in good faith and are subject to change without notice. The rating reflects the opinions as on the date of the rating. A rating does not convey suitability or price for the investor. The rating agency does not conduct an audit on the rated entity or an independent verification of any information it receives and/or relies on for the rating exercise. CareEdge Ratings has based its ratings/outlook on the information obtained from reliable and credible sources. CareEdge Ratings does not, however, guarantee the accuracy, adequacy, or completeness of any information and is not responsible for any errors or omissions and the results obtained from the use of such information. The users of the rating should rely on their own judgment and may take professional advice while using the rating in any way. CareEdge Ratings shall not be liable for any losses that user may incur or any financial liability whatsoever to the user of the rating. The use or access of the rating does not create a client relationship between CareEdge Ratings and the user.

CAREEDGE RATINGS DISCLAIMS WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR OTHER WARRANTIES OR CONDITIONS, TO THE EXTENT PERMITTED BY APPLICABLE LAWS, INCLUDING WARRANTIES OF MERCHANTABILITY, ACCURACY, COMPLETENESS, ERROR-FREE, NON-INFRINGEMENT, NON-INTERRUPTION, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE OR INTENDED USAGE.

Most entities whose bank facilities/instruments are rated by CareEdge Ratings have paid a credit rating fee, based on the amount and type of bank facilities/instruments. CareEdge Ratings or its subsidiaries/associates may also be involved with other commercial transactions with the entity. CareEdge Ratings does not act as a fiduciary by providing the rating. The ratings are intended for use only within the jurisdiction of India. The ratings of CareEdge Ratings do not factor in any rating-related trigger clauses as per the terms of the facilities/instruments, which may involve acceleration of payments in case of rating downgrades. However, if any such clauses are introduced and triggered, the ratings may see volatility and sharp downgrades. CareEdge Ratings has established policies and procedures as required under applicable laws and regulations which are available on its website.

Privacy Policy applies. For Privacy Policy please refer to https://www.careratings.com/privacy_policy

© 2026, CARE Ratings Limited. All Rights Reserved.

This content is being published for the purpose of dissemination of information required as per applicable law and regulations and CARE Ratings Limited holds exclusive copyright over the same. Any reproduction, retransmission, modification, derivative works or use or reference to the contents, in whole, in part or in any form, is prohibited except with prior express written consent from CARE Ratings Limited.

For detailed Rating Report and subscription information, please visit www.careratings.com

CARE Ratings Ltd.

6